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XRP Buy Signal! Whales Acquire 590 Million Tokens
The cryptocurrency market has been witnessing a plethora of events in recent times, and the latest development has sent shockwaves throughout the community. According to the on-chain analytics firm Santiment, crypto whales and long-term holders have collectively acquired an astonishing 590 million XRP tokens.
This significant accumulation of XRP tokens is particularly noteworthy as it takes place amidst the asset’s consolidation within a tight range for over a week. Despite this price stability, investors holding between 100 million and 1 billion XRP tokens have taken advantage of the situation to amass a colossal $1.29 billion worth of XRP.
The sheer scale of these accumulations is eye-catching, as it indicates that long-term investors and whales are betting big on the cryptocurrency’s potential for future growth. This substantial accumulation has also had an impact on the market dynamics, reducing selling pressure and hinting at a potential upside rally in the near term.
As the XRP price continues to consolidate within its current range, technical analysis suggests that the asset may be primed for a significant upswing if it can break above this pattern. In fact, expert analysts are now suggesting that a daily close above $2.50 could trigger an explosive 80% surge in value, potentially pushing the price all the way to $4.50.
Furthermore, the Relative Strength Index (RSI) currently sits at a relatively low level of 62, which indicates that there is still room for growth before entering overbought territory. This suggests that XRP may have more room to rise and could potentially continue its upward trajectory as long as it maintains this momentum.
At the time of writing, XRP’s price stands at approximately $2.41, having experienced a minor 0.52% decline in value over the past 24 hours. However, despite this short-term setback, market participation has increased by 5%, signifying growing interest and optimism around the asset.
Overall, the recent accumulation of XRP tokens by whales and long-term holders can be seen as a powerful buy signal, indicating that these key investors are now turning their attention to the asset once again.
Source: coinpedia.org
